Amax International : Announcements and Notices -

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AMAX INTERNATIONAL HOLDINGS LIMITED

奧瑪仕國際控股有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 959) ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017 FINANCIAL HIGHLIGHTS

• The financial information of Greek Mythology, was still unavailable to the Company for the preparation of consolidated financial statements. The Company made respective impairment losses of the interest in Greek Mythology and the amount due from Greek Mythology. The total amount of impairment losses related to Greek Mythology were approximately HK$901.2 million.

• Net loss for the financial year ended 31 March 2017 amounts to approximately HK$988.5 million, compared to approximately HK$49.0 million for the financial year ended 31 March 2016. The increase in loss was mainly due to recognition of impairment losses which are non-cash in nature and do not have any impact on the cash flow of the Group.

• Loss per share amounts to approximately HK$1.96 compared to approximately HK$0.12 (restated) last year.

• The Group's net assets amount to approximately HK$332.9 million, decreased by approximately HK$875.0 million and represent approximately 72.4% decrease as compared to the figure last year.

The board (the "Board") of directors (the "Directors") of Amax International Holdings Limited ("Amax" or the "Company") hereby announces the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the financial year ended 31 March 2017 (the "2017 Annual Results"), as follows:

The 2017 Annual Results of the Group do not reflect the actual performances of Greek Mythology (Macau) Entertainment Group Corporation Limited ("Greek Mythology" or the "Associate"), an associate of the Company which operates and manages Greek Mythology Casino, due to the failure in accessing Greek Mythology's financial information in a timely manner. The Company will make further announcement once relevant financial information of the Associate is obtained.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 March 2017
Note	2017 HK$'000	2016 HK$'000
Revenue	4	11,401	10,486
Cost of sales	(4,957)	(3,085)
Gross profit	6,444	7,401
Other income	5	4	1
Impairment losses of intangible assets	11	(41,910)	-
Impairment losses of amount due from an associate	(63,567)	-
Impairment losses of interest in an associate	(837,641)	-
Selling and distribution expenses	(44)	(1,291)
General and administrative expenses	(56,996)	(42,526)
Gain on disposals of subsidiaries	5,533	-
Finance costs	6	(343)	(12,552)
Loss before taxation Income tax	8	(988,520) -	(48,967) -
Loss for the year	(988,520)	(48,967)
Attributable to: Owners of the Company	(983,869)	(43,136)
Non-controlling interests	(4,651)	(5,831)
Loss for the year	(988,520)	(48,967)
(Restated)
Loss per share - Basic (HK cents)	10	(195.78)	(11.65)
- Diluted (HK cents)	10	(195.78)	(11.65)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 March 2017

2017 HK$'000	2016 HK$'000
Loss for the year Other comprehensive expense for the year Item that may be subsequently reclassified to profit or loss: Exchange differences on translation of financial statements of overseas subsidiaries	(988,520) 2	(48,967) (10)
Exchange reserve reclassified on disposal of subsidiaries	(189)	-
Total comprehensive expense for the year	(988,707)	(48,977)
Total comprehensive expense attributable to: Owners of the Company	(984,057)	(43,140)
Non-controlling interests	(4,650)	(5,837)
(988,707)	(48,977)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 March 2017
Note	2017 HK$'000	2016 HK$'000
Non-current assets Property, plant and equipment	13,819	8,328
Intangible assets 11 Goodwill Interest in an associate Deposits paid for acquisition of computer software and property, plant and equipment	139,227 - 353,568 4,493	161,670 - 1,191,209 10,920
511,107	1,372,127
Current assets Trade and other receivables 12	27,117	96,306
Cash and cash equivalents	1,175	2,473
28,292	98,779
Current liabilities Trade and other payables 13	201,958	217,507
Obligations under a finance lease	380	380
Other borrowings	3,750	4,260
Promissory notes	-	39,998
206,088	262,145
Net current liabilities	(177,796)	(163,366)
Total assets less current liabilities	333,311	1,208,761
Non-current liabilities Obligations under a finance lease	449	829
NET ASSETS	332,862	1,207,932
Capital and reserves Share capital	119,960	65,587
Reserves	161,731	1,085,440
Total equity attributable to owners of the Company	281,691	1,151,027
Non-controlling interests	51,171	56,905
TOTAL EQUITY	332,862	1,207,932